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HP 12c calculator - Coupon Equivalent Yield

Description
The coupon equivalent yield is a way of determining which of two investments of similar maturity will provide a higher return; a non-interest bearing obligation purchased at a discount (a Treasury Bill) or a semi-annual coupon bond on a 365-day basis (a government bond).
Keys (RPN mode)
Display
Press f, P/R, f, then PRGM
00-
Press RCL, then 0
01- 45 0
Press RCL, then 1
02- 45 1
Press g, then DYS
03- 43 26
Press STO, then 3
04- 44 3
Press 1
05- 1
Press 8
06- 8
Press 2
07- 2
Press the x><y key
08- 34
Press g, then the x<=y key
09- 43 34
Press g, GTO, then 52
10- 43,33 52
Press RCL, then 3
11- 45 3
Press 2
12- 2
Press x
13- 20
Press 3
14- 3
Press 6
15- 6
Press 5
16- 5
Press [-]
17- 30
Press RCL, then 2
18- 45 2
Press x
19- 20
Press 7
20- 7
Press 3
21- 3
Press 0
22- 0
Press ÷
23- 10
Press STO, then 4
24- 44 4
Press 2
25- 2
Press x
26- 20
Press RCL, then 2
27- 45 2
Press +
28- 40
Press STO, then 5
29- 44 5
Press ENTER
30- 36
Press x
31- 20
Press RCL, then 2
32- 45 2
Press 2
33- 2
Press x
34- 20
Press 2
35- 2
Press 0
36- 0
Press 0
37- 0
Press [-]
38- 30
Press 4
39- 4
Press x
40- 20
Press RCL, then 4
41- 45 4
Press x
42- 20
Press [-]
43- 30
Press g, then press the square root x key
44- 43 21
Press RCL, then 5
45- 45 5
Press [-]
46- 30
Press RCL, then 4
47- 45 4
Press 2
48- 2
Press x
49- 20
Press ÷
50- 10
Press g, GTO, then 64
51- 43,33 64
Press EEX
52- 26
Press 2
53- 2
Press RCL, then 2
54- 45 2
Press ÷
55- 10
Press 1
56- 1
Press [-]
57- 30
Press 3
58- 3
Press 6
59- 6
Press 5
60- 5
Press x
61- 20
Press RCL, then 3
62- 45 3
Press ÷
63- 10
Press EEX
64- 26
Press 2
65- 2
Press x
66- 20
Press f, then P/R
Registers
Use
n
Unused
i
Unused
PV
Unused
PMT
Unused
FV
Unused
R0
Settlement
R1
Maturity
R2
Price
R3
# Days
R4
Used
R5
Used
R6 - R0
Unused
Instructions for calculating coupon equivalent yield
  1. Key in the program.
  2. Key in the settlement date and press STO, then 0
  3. Key in the maturity date and press STO, then 1
  4. Key in the purchase price and press STO, then 2
    • R/S to calculate the coupon equivalent yield (as a percent)
Example of calculating the coupon equivalent yield for a bond
What is the coupon equivalent yield of a bond with a settlement date of July 13, 1984, a maturity date of May 1, 1985, and a price of $96.78?
Keys (RPN mode)
Display
Description
Press f, then REG
0.00
Clears all registers
Press 7.131984, STO, then 0
7.13
Stores settlement date
Press 5.011985, STO, then 1
5.01
Stores maturity date
Press 96.78, STO, then 2
96.78
Stores bond price
Press R/S
4.13
Calculates coupon equivalent yield

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